A new Transparency Market Research report states that the global turbines market stood at US5.7 bn in 2013 and is predicted to reach US1.8 bn by 2020. It is predicted to expand at a CAGR of 4.89% from 2014 to 2020. The title of the report is “Turbines Market – Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 – 2020.”

As per the report, the increasing requirement for power generation, especially in emerging economies, and the reduced risk of technology failure, resulting in increased demand from investors, are amongst the chief factors propelling the growth of the turbines market. Furthermore, the rising global demand for heat owing to the increasing global population is also a prime factor augmenting the market for turbines. In addition, the introduction of new components in turbine technology resulting in cost saving has emerged as a key opportunity in the market. On the other hand, the soaring initial costs of investments and turbines being climate-dependent systems are amongst the major factors that may inhibit the growth of the turbines market in the coming years. In addition, a number of project site issues owing to the low noise tolerance as well as emission impact of turbines may also have a negative impact on the growth of the market for turbines. The report segments the market on the basis of product type, end use, and geography

The report, on the basis of product type, segments the market into steam, hydropower, wind, gas-based, and nuclear. Amongst these, the segment of steam turbines emerged as the prime source of power generation in 2014 and is predicted to rise exponentially in the coming years. On the basis of end use, the turbines market is segmented into power storage, power generation, aeronautics, and marine.

In terms of geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2013, on the basis of installed turbine capacity, Asia Pacific constituted a share of over 40% in the market. The region of Asia Pacific was valued at US.9 bn in 2013 and is predicted to reach US.5 bn by 2020, expanding at a CAGR of 5.81% between 2014 and 2020. This is owing to the swift development of oilfield projects within the region of Asia Pacific.